Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.012%

Price spread now: Bybit against SoDEX−0.018%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.026%−$3 on $10k

Price spread, last 3 days (all we have)+0.035%+$4 · spread now −0.018%, 7d avg −0.025%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	94.087	0.0100	pay 0.0013% / 1h	53m 10s	$2.0M	$2.0M	10x
Short	Bybit HYPEUSDT	94.070	0.0020	get 0.0020% / 8h	53m 10s	$324.9M	$280.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SoDEXbpFee BybitbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$16.74
Price spread: −0.018% → −0.025%: $0.66
Slippage, 4 orders: −$8.12
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$43.2
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from SoDEX: live order book, 1 min ago; Bybit: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SoDEX live order book, 1 min ago	0.11 bp	7.0 bp −$7	12.7 bp −$127	99.6 bp −$9,955	doesn't fit
Sell Bybit live order book, 1 min ago	0.53 bp	6.0 bp −$6	7.2 bp −$72	17.9 bp −$1,792	42.9 bp −$21.5K

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.0552%	1h	93.903	−0.196%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0484%	1h	93.816	−0.288%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.994	−0.099%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.203%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.006	−0.086%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	+0.006%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.073	−0.015%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.110	+0.024%	$28K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.055%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.086	−0.001%	$176K	$526K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0019%	1h	93.990	−0.103%	$703K	$905K	10x	as long as short
Bybit HYPEUSDTshort	+0.0020%	8h	94.070	−0.018%	$324.9M	$280.7M	75x
Aster HYPEUSDT	+0.0031%	4h	94.086	−0.001%	$9.0M	$35.8M	300x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	94.010	−0.082%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.085	−0.002%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	94.086	−0.001%	$90.8M	$80.4M	100x	as long as short
edgeX HYPEUSDC	+0.0073%	4h	93.924	−0.173%	$5.1M	$29.7M	30x	as long as short
Binance HYPEUSDT	+0.0073%	4h	94.087	0.000%	$386.5M	$887.9M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	94.016	−0.075%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.130	+0.046%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.114	+0.029%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	94.095	+0.009%	$87K	$363K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.078	−0.010%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.050	−0.040%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.034	−0.057%	$342K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.090	+0.003%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.078	−0.009%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.075	−0.013%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.084	−0.003%	$115.7M	$316.5M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.094	+0.007%	$47.4M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.087	0.000%	$228.0M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.085	−0.002%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.113	+0.028%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.218%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.158%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.945	−0.151%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	−0.034%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.090	+0.003%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.051	−0.038%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.095	+0.009%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.125	+0.040%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	94.087	long leg	$2.0M	$2.0M	10x
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.433%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.170	+0.088%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.069	−0.020%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.141	+0.057%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.140	+0.056%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.200	+0.120%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.071	−0.017%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0271%	1h	94.174	+0.092%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.131	+0.047%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	94.084	−0.003%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.029	−0.061%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.190	+0.110%	$21.1M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0699%	1h	94.123	+0.038%	$2.05B	$665.8M	10x	as long as short